Financial management resolutions for 2011

by Roman on January 10, 2011

Last year has been both good and bad in respect to the financial status of the world and the people. But according to reports the economic condition of the United States of America and personal finance of the people are in bad shape. The debt is said to have increased to around $3 trillion. More and more people are applying for credit card debt relief programs. However, financial experts agree that the economy is starting to look up. Thus, it will be better if you try your best to solve your debt problems. In relation to this you will have to take some financial resolutions for this year.

Financial resolutions for 2011

Though the economy is said to be looking up, it has not yet recovered totally from the economic downturn. Moreover, the cost of living is getting higher day by day. According to market watchers 2011 may cost you more than the previous years. Thus, it is better to take some financial resolutions so that your finance stays in shape. Here are some of the financial resolutions for 2011:

1. Maximize your savings

Savings is essential to your finances. Thus, it will be better if you take the resolution to increase your savings. In the process of saving more you will have to cut down on your expenses. This will help you to avoid getting into credit card debt. You may also practice frugal living to save more than usual.

2. Keep a check on your credit and debit card usage

You should also keep a check on your credit card and debit card usage. Maintain a list of the bills or better take a print out of the account balance after every usage. This will act as an eye-opener to your spending habits. You may even think of changing your expending habits thereby helping yourself to achieve credit card debt relief.

3. Reduce the cost of common things

You will have to first formulate a proper budget in order to do this. A well formed budget can help you to decide on the items which you require the most. Then you may also be able to decide how you can reduce the cost of that particular item or items. For example, if you are buying gasoline for your bike or car quite often, you can try to reduce the costs of buying it. One way through which you can save money on gasoline is by buying it early in the morning or in the evening.

4. Change your spending habits

The only real way to stop your debt problems is to change your spending habits. This makes you a financially strong person and thus your credit remains in good shape. One of the most critical things to stop is impulse buying.

5. Hold yourself accountable

Include accountability strategy in your finances – When you are accountable to someone, you tend to improve on your responsibility characteristics. So, you can try to find out a person with whom you can discuss your finances and also be accountable too. This will help you a lot to become more sensible on your purchases and money spending habits.

6. Stay informed

You should also stay informed on the changes in the financial market – the change in rates or popularity of credit cards, mortgages or even simple everyday items. There have been various changes in the mortgage and credit card rules too and there are some changes to come in 2011.

If you are able to take these resolutions and strictly follow them, you will be able to maintain a good financial status. Thus, you may not even need to go to any credit card debt relief companies for help. This can in fact save considerable amount of money.